Own branded labels include the labels that the stores themselves go on create. Store brands or own products are an array of products that are sold by the retailer less than one marketing identity. The retailer itself designs, produces, packages and markets the goods. All of this is carried out such that there is a strong and a profitable relationship created between the customer's base and the products. On the other hand, brand fashion labels tend to offer the same products at a higher price. These are the brands that are known either nationally or universally. For instance, a person living in the United Kingdom might be aware of Tesco's or Sainsbury. These brands would not be known by someone living in the Middle East or in the United States. Similarly, if we take a brand like Betty Crocker, the entire world is aware of the quality and popularity of that brand.
Tuttle (2012) states that regardless of what the items a person is dealing with, it is quite simple that the own brand things would be cheaper than the branded counterpart. The recession that hit the entire universal market a few years ago made it very easy for retail stores to cash in on the customers trying to save. People were willing to buy something of a less popular brand if that meant that they would save an extra penny.
Marks and Spencer Case Study
There was a time when Marks and Spencer's was the king in designing women's wear. People all around the country and even the world were aware of the high fashion sense that Marks and Spencer's had in their clothes. It appears that the designers behind the customer's own brand lost their edge and that is when the store decided to rely on sub-brands. One reason that M&S sales dipped so low was the increasing competition on the high street. There was a time when this store filled the gap between sophisticated and cheap fashion products. Now days, is quite apparent that the fashion stores have increased and improved their production. Stores such as Reiss and Cos have become popular. These stores are now gaining momentum in the trend led stores and hence distracting customers from what Marks and Spencer's is offering.
It is also visible that the collection that Marks and Spencer's is offering is not too amazing. Their line is not attracting the customers like it once used too. The launch of the 'Per Una' line by the store went to attract customers with products that make them look young and decently their age at the same time. If people remember, they were dragged in by their parents and they found themselves going back in there when they were in their 30s. These young customers are not attracted to the store and Private label brands came into the market place to compete with the national and known counterparts in the contexts of value and price. It is quite obvious that the store and private label brands carried the inferiority complex of being of bad quality. Just because they were the stores own brand's, they gave the customers less confidence in the product. Despite the low trust and confidence, it appears that the own brand products are growing and prospering among customers. They are going to provide less price options for the people and providing them with better purchasing decision.
Ever since private band proliferation has started, it appears that these products are not attracting the young or the old customers. The old customers do not want to go and the buyers of these raggy products. I was seen that M&S own brands soared high and attracted customers even when recession hit the country. People always went back to the store because it gave good value and good quality. This time around, M&S did not seem to simplify and make their products attractive and economical at the same time. (Saner, 2013)
This case study of Marks and Spencer's clearly shows that the buyers lost interest in the own brand. The own brand had stayed attractive and economical for the people for a very long time. Therefore, the buyer's perceptions about the fashion products of a store's brand and a national brand make a great difference to the market. If the buyer feels that the products are worth it and that they are giving good quality, these products will be sold more. On the other hand, if the buyer feels disappointed by the products, they will not do well. It is quite obvious why in this scenario; brand name fashion products would be preferred more. The customer thinks that if he can get a gap or a Nike product after paying just some extra money, he would rather go for the branded products instead.
Fashion buying cycle
Marking is the most important factor in fast fashion. It is good marketing techniques that attract customers towards the products. It is seen that the customer in the buying market is highly dependent on change in the products and the presence of new products in the market. Fast fashion is therefore termed as the super market part of the entire fashion market. The entire idea is to create apparel smarter and available at a higher pace. The major factor that covers the fashion cycle is the timing a product appears in the market, the cost of ht product and the buying cycle. (Sheridan and Moore et al., 2006)The fashion buying cycle of the customer affects the market output of the store. It is seen that buying cycles revolve around forecast that take place one to six months before the season. (Bruce & Daly, 2006) People tend to go on and purchase clothes whenever they see something that is better and trendier than what they already have. This sort of pattern is seen more frequently in the brand name buyers but it is also being followed by the own brand buyers as well.
Range planning process
Simmel (1957) went on to state that the brand names have the power to be accepted regardless of how displeasing or ugly they are. He insisted on the fact that brand names like vogue were created to highlight the social differentiation that exists in our society today. This phenomenon and thinking would be therefore the highlighting factor of the range planning process that overtakes the fashion buyer. It is true that fashion itself is just a mismatch of the garment, design and idea of the designer (Coelho and Klein et al., 2004) It is quite obvious that the design would not go onto to cater the comfort or warmth that a person wants to attain. Similarly, it would not cater to the beauty either. Regardless of how harsh it sounds, an ugly person would still look ugly if they were wearing something worth twenty pounds or two hundred pounds. Therefore, the budgeting and the buying cycle of the buyer depend on what he or she aims to achieve from fashion.
It is true that people want to be associated with the trendy people or what the 'cool thing is. Coelho and Klein et al. (2004) emphasized on the fact that if a certain product or an outfit in this instance has become popular in the market. The majority of the customers who want to go along with the trend will buy the same exact thing from the same exact store. Regardless of how much the price is, they will purchase the product and decide their range in that store.
Sproles (1979) has stated that fashion gives rise to uniqueness of style that is adopted by a social group. This choice of fashion is therefore suitable for the person in that time or situation. The fashion objects are carried out from the designers to the public. Over time, they are publicly accepted and made into trends. If we look trends, it is quite apparent that fashion designers are the first ones to come with the new trends. Marks and Spencer's or Primark may follow up on a trend or a design that Versace or Zara had introduced months ago. This again depends on the buyer whether he or she wants to be the trend setter or the trend follower. The range planning process therefore depends on the priorities and wishes of the buyer.
Supplier Relation management
Private labels, also referred to as store brands are those brands that are controlled, owned and sold only by a certain retailer. In comparison to private labels, the national brands have national distribution systems, are usually manufactured by branded companies and have their national advertising campaigns. However, quite a few private label brands also have national advertising and distribution systems too. In a number of cases the quality of brands offered by store are equivalent to and at times better than the competitive national brands as well. Based on quality and consumer acceptance at present, the lines amongst private and national brands in several categories…